Section 10:8-103 - Rules for determining whether certain obligations and interests are securities or financial assets(a) A share or similar equity interest issued by a corporation, business trust, joint stock company, or similar entity is a security.(b) An "investment company security" is a security. "Investment company security" means a share or similar equity interest issued by an entity that is registered as an investment company under the federal investment company laws, an interest in a unit investment trust that is so registered, or a face-amount certificate issued by a face-amount certificate company that is so registered. Investment company security does not include an insurance policy or endowment policy or annuity contract issued by an insurance company.(c) An interest in a partnership or limited liability company is not a security unless it is dealt in or traded on securities exchanges or in securities markets, its terms expressly provide that it is a security governed by this Chapter, or it is an investment company security. However, an interest in a partnership or limited liability company is a financial asset if it is held in a securities account.(d) A writing that is a security certificate is governed by this Chapter and not by Chapter 3 of this Title, even though it also meets the requirements of that Chapter. However, a negotiable instrument governed by Chapter 3 is a financial asset if it is held in a securities account.(e) An option or similar obligation issued by a clearing corporation to its participants is not a security, but is a financial asset.(f) A commodity contract, as defined in R.S. 10:9-102(a)(15), is not a security or a financial asset.(g) A document of title is not a financial asset unless R.S. 10:8-102(a)(9)(iii) applies.(h) A controllable account, controllable electronic record, or controllable payment intangible is not a financial asset unless R.S. 10:8-102(a)(9)(iii) applies. Amended by Acts 2024, No. 773,s. 1, eff. 8/1/2024.Added by Acts 1978, No. 165, §1, eff. 1/1/1979. Acts 1989, No. 135, §6, eff. 1/1/1990; Acts 1995, No. 884, §1, eff. 1/1/1996; Acts 2001, No. 128, §9, eff. 7/1/2001; Acts 2009, No. 207, §4, eff. 1/1/2010.